Research

Working Papers

Start-up subsidies crowd out equity rather than debt  when paid out as a refund of start-up expenditures and result in higher bankruptcy rates. The "I Stay in the South" policy recently introduced in Italy would have been four times as beneficial  if  firms were forbidden to distribute ex-post transfers as dividends. 

The average price paid by consumers respond less than one for one to monetary shocks despite full pass-through to firm prices and wages because consumers switch from high to low markup stores due to misperceived higher gains from switching. A positive comovement between output and inflation is possible even if prices are fully flexible.

Published Papers